One of the simplest and most accessible investments for guaranteed income is traditional fixed deposits (FDs) with banks. They are secured for up to Rs 5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC) and offer flexibility to withdraw anytime after paying a penalty. During the week ending on January 11, 2025, three banks, including Central Bank of India, J&K Bank, and Federal Bank revised their FD interest rates. Senior citizens, who often prefer to keep their savings in FDs and receive interest on a monthly or quarterly basis, can avail of a maximum of 8.00 per cent. Here are the interest rates for senior citizens for callable FDs of less than Rs 3 crore.

Central Bank Of India:

This public sector bank revised its FD interest on January 10, 2025, and offers a maximum of 7.75 per cent to seniors, which is 50 basis points (0.50 per cent) additional rate over the interest rates for the general public. It offers seniors:

• 6.75 per cent for 180 to 364 days

• 7.35 per cent for one year to less than two years

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• 7.75 per cent for two years to less than three years

• 7.50 per cent for three years to less than five years

• 7.25 per cent for five years to 10 years.

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J&K Bank:

The bank offers the higher 7.50 per cent to senior citizens after revising its FD rates on January 11, 2025. Seniors can avail of:

• 6.75 per cent for 181 days to 332 days

• 7.50 per cent for 333 days

• 6.75 per cent for 334 days to less than one year

• 7.50 per cent for one year to less than three years

• 7.25 per cent for three years to less than five years

• 7.00 per cent for five years to 10 years.

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Federal Bank:

This private sector bank offers seniors a maximum of 8.00 per cent. However, it provides a range of interest rates between 6.75 per cent and 8.00 across various tenures. It revised rates on January 10, 2025, and gives seniors:

• 7.00 per cent for 181 days

• 6.75 per cent for 182 days to 270 days

• 7.00 per cent for 271 days to less than one year

• 7.50 per cent for one year

• 7.75 per cent for above one year to 399 days

• 7.85 per cent for 400 days

• 7.75 per cent for 401 days to 443 days

• 8.00 per cent for 444 days

• 7.75 per cent for 445 days to less than two years

• 7.65 per cent for two years to 776 days

• 7.90 per cent for 777 days

• 7.65 per cent for 778 days to less than three years

• 7.60 per cent for three years to less than 50 months

• 7.90 per cent for 50 months

• 7.60 per cent for above 50 months to five years

• 7.10 per cent for the above five years.